The University is set to receive a $400 million donation from media mogul John Kluge, CC '37.

University President Lee Bollinger confirmed in an interview last night that the donation, to be bequeathed following Kluge's death, is the largest in Columbia's 253-year history.

The money will be earmarked exclusively for student financial aid.

"John [Kluge] deserves the eternal gratitude of Columbia," said Bollinger, who also called the donation a "colossal step forward."

Bollinger also said that, through conversations with Kluge, he believed that a "reasonable portion" of the donation will be allocated to international students. Currently, admissions are not need-blind for international students, and only a handful of international students receive financial aid each year, creating a lack of economic diversity among international students.

Kluge's donation puts the University past the halfway point in its $4 billion capital campaign, in itself comprising 10 percent of the final goal.

Of the $400 million gift, $200 million will fund financial aid for students in Columbia College, while the other half of the donation will fund financial aid programs in the other schools of the University.

The gift dwarfs the second largest amount ever given to the University, a $200 million donation given by the Jerome L. Greene Foundation and Dawn Greene, intended for a Mind Brain and Behavior Center on the University's proposed Manhattanville campus.

"This is an amazing act of generosity with a clear intention to help young people," Bollinger said.

"Part of his [Kluge's] thinking here is, 'I want to make this pledge now, and I want it to be known even though there are some things that will remain up for conversation in the future,'" Bollinger said.

"This is a huge step towards fixing the financial aid problems that we have at this University" said Chris Riano, GS and co-chair of the University Senate's Student Affairs Committee. "I think it's a wonderful gesture to ... ensure that students can come to Columbia regardless of their financial needs."

According to Forbes magazine, Kluge is the 25th richest man in America, with a net worth of $9.1 billion.

Kluge has already donated $100 million for a scholar's program, named after him. This latest donation brings his total donations to the University within the region of one-half of a billion dollars.

"It's amazing. There's absolutely no way I would have been able to come to Columbia if not for Kluge," said Ana Ortiz, CC '07, a Kluge scholar, and Columbia College Student Council outgoing vice president of student life. "It's really great for the school, and I'm especially excited that $200 million of it is earmarked for the College."

The official announcement of the donation will be made this morning at 11:45 a.m. in Low Library before members of the University, the press, and Kluge scholars.

Josh Hirschland contributed to this article.